Credit Crunch

old ways are the best ways - i thought u might understand that

it hasnt really bothered me, work is safe as fuck as the comapany i work for make electrical harness's for massive engines and were nearly making 1 million a month and theres loads of overtime for me in the warehouse as theres still loads of work, the bills hasnt really bothered me and my house mates to much,

and when it comes to food i always get propper food i.e i go to the butchers for meat and buy fresh bread and stuff like that and a meal i make like a curry, chilly, spag boll or even soup lasts for a while as i can freeze it or heat it up the next day

Maybe so, but I'd rather make sure I have enough to help with the mortgage for a few months if I get made redundant, than risk losing my house for the sake of putting a new floor in.

As Teknofish has pointed out, most people have used credit to pay for things in the past rather than saving up. The current situation will hopefully change this, which will mean a slump in the short term, but things should pick up once people have some money saved which they can then spend on things they would previously have used credit for.

After returning to work on Monday after a fornights holiday in Ibiza then Disneyland, I've just found out my department is getting closed at work. I'm likely to have to take a pay cut, as there's no positions available on my current grade, and will also lose 3 days from my holiday entitlement (I didn't even think they could do that). We also have to apply for the positions that are available and redundancy isn't an option we're being given.

I haven't even told my lass because she'll worry like mad as we've just got a house together for the first time and she's just getting used to the extra cash we're having to pay out. I don't even know what to say to her

loanshark

I know it's gunna sound like I'm trying to flog stuff, but for all of you who have mentioned unemployment, why dont you take out some unemployment insurance to make sure if it does happen you at least get some help with your payments?

It's not that expensive, probably around £20 for £500 per month and at least gives you piece of mind.

There's loads being offered on the net at the minute, although most won't pay out in the first 90 or 120 days from date of purchase so need to look into the details.

And it also won't pay out if you were aware you were going to be made unemployed involuntarily at the time of purchase.

And if you choose to withhold that information and they find out, it will also invalidate your policy, therefore you could have wasted a good £100 or so in premiums to have it void for non-disclosure.

If you've currently got it in force, great. And if you don't know yet if you could be made redundant, but there's a slight possibility, then it might be a good idea to shop around and get some though.

It's pretty unlikely that I will lose my job, I'm saving money just in case. Would rather put the money that would have gone into insurance premiums (that I won't get back unless I lose my job) into savings, that I can get back. Also, don't they make you wait 90 days or so after you've lost your job before they even start paying out? Should be able to find at least some kind of employment in that time, which again would mean that the insurance company didn't have to pay out.

And there's no guarantee that the insurance company won't go bust in the meantime!

i was always against 125% mortgages!!

sold a couple when i was a broker but that's before i was qualified and just did what i was told!!

BOB once you've had it in place for 90 days, the waiting period is 30 days on most policies.

I don't have it in place so can't preach but if it's something you're worried about it's an option, it's more important in my opinion for those who work in smaller companies, or who are working in the house building industry/banking industry at the minute.

My work mate had a bloke in a while back who worked for Barratt homes and he took it and was made redundant the day after the waiting period was over, so had only made 1 payment and it's paid out. Just cos your in an industry in the shit, unless you've actually had something in writing saying you may be made redundant most policies will pay out, but it's the same with any insurance if you go to a back alley company cos its slightly cheaper it may be unlikely to pay out!

I work in insurance and some of the biggest companies out there sometimes try to avoid paying out on a policy. So that's not necessarily true.

Missing all those credit card payments a few years ago was a complete blessing in disguise for me

If you want to be safe during this period then open up a Booze and Cigs shop; guaranteed winner during these times.

oh yeah i know that, there's always stories of big companies not paying out! big ones can sometimes be the worst, that's why I try and look at the claims payouts when I look for my insurances for myself as companeis who do pay out generally publish these.

insurance isn't always the answer it jsut depends on your own circumstances, it always makes me laugh though when people are paying out loads for pet insurance, fridge insurance, cooker insurance etc but never think about insuring themselves

Its deffo scary shit.

I thought I had lost 7 grand in savings yesterday with the Ice Save thing - now looks will be OK with UK government stepping in.

It is deffo affecting things people going out to bars/clubs/restuarants. Think there was a story about Dominoes Pizza profits up 75% on their usual takings - people are staying in more and more.

I'm feeling it tbh.

I don't get paid a great deal and bills, food etc are all through the roof so really having to cut back.

Especially when you're trying to explain the importance of life assurance, critical illness cover, income protection etc.. and all they give a shit about covering is there 52 inch plasma they got on chucky.

Anything up to £50k should be safe as it looks like customers are going to be covered under the UK's Financial Service Compensation Scheme (FSCS). However, as of close of business yesterday, there had been no formal confirmation of this. I haven't heard anything more this morning either.

Hope all sorts itself out for you mate.

Bank of England have cut interest rates by half a percent. Sweet

Granty, Alistair Darling made announcment on TV this morning - they are going to pay out all monies then take legal action against Icelandic government.

I have lost 3k in 2 weeks with some of my shares falling! hopefully they will recover by next year.

Interest rate cut is a bonus tho...